A battle for control of Waner Bro. Discovery is brewing despite the company announcing that Netflix was going to buy the entertainment juggernaut.
Paramount announced on Monday that it has issued a hostile bid for Warner Bros. Discovery, taking a proposal directly to shareholders, which would see them get $30 a share, The Associated Press reported.
It is the same deal that Paramount offered before Warner Bros. decided to sell the company to Netflix.
Warner Bros. Discovery and Netflix had not responded by mid Monday morning, Variety reported.
Paramount wants the entire company, including the Global Networks segment.
Paramount fired back at the WB/Netflix deal, saying it “exposes WBD shareholders to a protracted multi-jurisdictional regulatory clearance process with an uncertain outcome along with a complex and volatile mix of equity and cash,” the AP reported.
The Netflix deal is made of cash and stock and is valued at $27.75 a share, with a total value of $82.7 billion, including debt, but does not include CNN and Discovery.
Paramount said the value of its proposal is $108.4 billion, including debt, Variety reported.
President Donald Trump on Sunday said that the deal between Warner and Netflix “could be a problem” because of the market share size once the deal is done, the AP reported.
If approved, the Netflix bid could be completed in the next year to year and a half. No timeline was provided if the Paramount deal would be the successful one.
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